Bitcoin, Crypto currency, Blockchain

Petro: Stronger US sanctions as humanitarian aid

Venezuelans are now forced to use the Petro to pay for their passports – Bitcoin is rather undesirable. The Public Sale starts at the beginning of November. But a bipartisan group of U.S. senators is now to extend the sanctions against Venezuela and to expand. Thus, it would be U.S. citizens forbidden to ask the Venezuelan government Software available to support them in their efforts for the establishment of the Petro. In this way, the senators want to make the Venezuelans “humanitarian aid”.

Petro instead of Bitcoin: Since the 8. October can pay for Venezuelans their passports only with the Petro. To prevent further advances in the establishment of the Petros, the request of several U.S. senators are now stricter sanctions. In your draft law, the U.S. senators Bob Menendez, Marco Rubio, Bill Nelson, John Cornyn, Dick Durbin, David Perdue, Ben Cardin, Ted Cruz, Tim Kaine, Michael Bennet and Patrick Leahy are calling for the extension of the Order of March of this year, as well as further stricter sanctions against Venezuela’s state-supported crypto-currency.

Extended and stricter sanctions

The “law on humanitarian aid, reconstruction and the rule of law Venezulas of 2018” was the US Congress for the first time on 24. September presented. The design relates to the extension of the sanctions, the President, Trump recorded in March. This should prevent that Venezuela is using the Petro to circumvent the sanctions. Accordingly, they neither Venezuelan crypto-currencies to Finance trade with them. (The legal situation regarding Bitcoin stands in contrast to the Petro-pending). On the other hand he includes stricter sanctions, with the aim that citizens of the US, the Venezuelan government must not make any Software available that would serve the establishment of the Coins. According to the draft law:

“With the entry into force of this decision, all transactions are forbidden which are associated with a Person from the United States, they are funded or otherwise with your relationship. Similarly, other transactions with a digital currency, Coin, or Token of the government are prohibited, on or after the 9. Of January 2018 were issued.“

Sanctions in the service of humanity

While the Venezuelan President Nicolás Maduro is convinced to stand with the United States in the “economic war”, the American senators is a completely different connotation to the sanctions. They see it as a humanitarian assistance for the stricken Venezuelans and hope to gain from the implementation of the law:

“humanitarian aid for the Venezuelan people and Venezuelan immigrants, a constitutional and democratic solution to the political crisis in Venezuela, the economic reconstruction of Venezuela, the fight against corruption in the Public, drug trafficking and money laundering […].”

Petro buy with Bitcoin

Maduro is, meanwhile, unimpressed. According to Reuters, he explained on television that it was an honor to be the US-sanctioned. The call for stronger sanctions may not come by chance right now. Like BTC-ECHO reported, the President of Venezuela on 1. October declared that the Public Sale of the Petro-5. November starts:

“If you have Bitcoin, you can buy Petro, if you have Ethereum, you can buy Petro, if you have US Dollar or Euro, you can buy Petro. And from the 5. November, the Petro will be sold in sovereign Bolivaren to the Venezuelan Public.“

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